Worker emergency savings initiative reaches more than $2 billion in net new savings
- The Covid-19 pandemic raised awareness that the average American worker lacks a "cash cushion" for emergencies.
- Here's how some employers are working with BlackRock's Emergency Savings Initiative to help change that.
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Levi's has run a worker savings program since 2015 but in recent years has participated in BlackRock's initiative. Pictured, a Levi's display at a Kohl's in San Rafael, California.
Justin Sullivan | Getty Images
When new employees get hired at the Levi's store in Lone Tree, Colorado, there's one job perk for them that really stands out, says store manager Debbra Ward a company emergency savings program that includes a match.
If store workers save $40 per month, Levi's will match that with another $40 per month; in addition, they get a $20 sign-on bonus.
Provided workers stay in the program for six months, that adds up to $500 more than the $400 that surveys say many Americans can't afford to pay in cash for unexpected emergency expenses.